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Existing Carbon Productivity tools and metrics At its simplest, Carbon Productivity is about reversing global warming while delivering shared prosperity. Though it is a decade since the term was coined, this is still an emergent agenda. Our collective understanding both of carbon and of economic value13 is in a state of flux — and will likely remain so for the foreseeable future. For this reason, there is as yet no single, universally applicable Carbon Productivity metric, though there are a number of useful proxies already in circulation. These include: A) GDP produced per unit of carbon equivalents (CO2e) emitted This is the metric used in the McKinsey Global Institute’s 2008 report, The Carbon Productivity challenge: Curbing climate change and sustaining economic growth.14 The report argued that, in order to meet commonly discussed climate goals whilst sustaining economic growth rates, GDP per ton of CO2 would need to increase tenfold by 2050 — equivalent to roughly 6% a year. For comparison, global Carbon Productivity, thus defined, improved by an average of just 1.4% a year between 2000 and 2016.15 This way of measuring Carbon Productivity is particularly relevant for policy-makers. We encourage political leaders at all levels to adopt it as a key performance indicator for the economy (in much the way that labour productivity is used today). B) Financial, Environmental (and Social) Return on Carbon Employed In 2017, the Carbon Productivity Consortium16 developed the concept of ‘return on carbon employed’ (ROCE) as a way of measuring Carbon Productivity within a company. ROCE looks at the value created per unit of fossil carbon input. Specifically, two measures were developed: • Financial Return on Carbon Employed (FROCE): revenues per unit of non-renewable carbon input. • Environmental Return on Carbon Employed (EROCE): fossil carbon consumption avoided/ forced in use and after-use per unit of fossil carbon input.17 13 A proper exploration of the debate around what constitutes economic value falls beyond the scope of this paper. Mariana Mazzucato’s 2018 book, The Value of Everything: Making and Taking in the Global Economy provides a helpful introduction to the topic while throwing down the gauntlet for economists to re-examine their assumptions about what constitutes economic value. 14 The Carbon Productivity challenge: Curbing climate change and sustaining economic growth, https://mck.co/2OA8Hzs 15 PwC, Is Paris possible? The Low Carbon Economy Index 2017, https://pwc.to/2gXiuQQ 16 The 2017 Carbon Productivity Consortium objective: to seed the breakthrough idea of Carbon Productivity across industry and beyond, transforming it from a concept to a lever for change. Members: Covestro, Futerra, Future-Fit Foundation, Innovation Arts, SYSTEMIQ and Volans. 17 The development of these metrics was led by SYSTEMIQ and Future-Fit Foundation, with Covestro providing the test-bed for application of FROCE and EROCE. For more detail of the methodology and development process, see https://bit.ly/2v8SSHQ 7PDF Image | Our Carbon Future White Paper
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